Investing.com - U.S. grain futures were mixed on Monday, with corn futures falling to the lowest level since November 2010 after the U.S. Department of Agriculture estimated that farmers would plant more corn this year than previously expected.
On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.4513 a bushel, down 0.35% on the day.
The September contract fell by as much as 1% earlier in the day to hit a session low of USD5.4163 a bushel, the weakest level since November 23, 2010.
Corn prices plunged nearly 5% on Friday after the USDA said that corn acreage will total 97.4 million acres in the current market year, the most since 1936 and up slightly from last year.
Market analysts had expected the USDA to cut its forecast for corn acreage to 95.3 million acres from the agency's March estimate of 97.3 million acres.
Elsewhere on the CBOT, wheat for September delivery traded at USD6.6213 a bushel, up 0.75% on the day.
The September contract traded in a range between USD6.6375 a bushel, the daily high and a session low of USD6.5288 a bushel, which was the weakest level since June 20, 2012.
Wheat prices fell nearly 3% on Friday after the USDA said wheat acreage was expected to hit a four-year high of 56.53 million in the current market season.
The agency also raised its estimate of spring-wheat plantings to 12.3 million acres.
Meanwhile, soybeans futures for August delivery traded at USD14.4288 a bushel, up 0.8% on the day. The August contract held in a range between USD14.2063 a bushel, the daily low and a session high of USD14.4538 a bushel.
The USDA raised its estimate of planted soybean acreage to 77.7 million acres this year, up 1% from last year but below expectations for an increase to 78.02 million acres.
Market players now looked ahead to the release of the USDA’s weekly update on planting progress later in the day to gauge crop prospects.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.4513 a bushel, down 0.35% on the day.
The September contract fell by as much as 1% earlier in the day to hit a session low of USD5.4163 a bushel, the weakest level since November 23, 2010.
Corn prices plunged nearly 5% on Friday after the USDA said that corn acreage will total 97.4 million acres in the current market year, the most since 1936 and up slightly from last year.
Market analysts had expected the USDA to cut its forecast for corn acreage to 95.3 million acres from the agency's March estimate of 97.3 million acres.
Elsewhere on the CBOT, wheat for September delivery traded at USD6.6213 a bushel, up 0.75% on the day.
The September contract traded in a range between USD6.6375 a bushel, the daily high and a session low of USD6.5288 a bushel, which was the weakest level since June 20, 2012.
Wheat prices fell nearly 3% on Friday after the USDA said wheat acreage was expected to hit a four-year high of 56.53 million in the current market season.
The agency also raised its estimate of spring-wheat plantings to 12.3 million acres.
Meanwhile, soybeans futures for August delivery traded at USD14.4288 a bushel, up 0.8% on the day. The August contract held in a range between USD14.2063 a bushel, the daily low and a session high of USD14.4538 a bushel.
The USDA raised its estimate of planted soybean acreage to 77.7 million acres this year, up 1% from last year but below expectations for an increase to 78.02 million acres.
Market players now looked ahead to the release of the USDA’s weekly update on planting progress later in the day to gauge crop prospects.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.